It seems like every day we see another story about a bitcoin service compromise, with millions of dollars in assets stolen.

If you read this article, you begin to wonder if the scale of the thefts are greater or lesser than the theft at regular banks.

Fraud at Banks is $20B a year problem

A few years ago I went up to Seattle to see Kevin Kelly speak, and at that discussion he remarked about the possibility of self-driving cars (I am paraphrasing): “Imagine the howling when the first accident involving a self-driving car occurs, completely neglecting the millions of accidents and hundreds of thousands of deaths each year right now.”

Let’s not forget the current reality of fiat money and its problems. I would be fascinated to see an analysis of the transaction flow and compare this to the fraud at bitcoin exchanges and then see how that steaks up against traditional banking, especially in the early history of the US banking system. Internationally as well, it was just recently that Argentine banks froze the assets of their customers. As the article notes, these problems can be solved using technology, and somehow I doubt large US banks, or those of a country with a centralized bank, will embrace bitcoins.